Business

BREAKING:BUA To Adjust Cement’s Price, Following Minister’s Import Threats

Published

3 years ago

September 1, 2023

OCHEFA

440 Views

By Ocheneyi Alli

The Chairman of BUA Group, Abdul-Samad Rabiu, has revealed that BUA Cement has concluded plans to reduce the cost of its cement across the country as part of efforts to support the federal government’s economic plans.

This development follows a plan by the Minister of Works, Senator David Umahi, to dialogue with cement manufacturers over reducing the prices of their products.

The Minister, had a week ago, said that contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper.

“I’m going to be running figures with them – cement manufacturers, to check the cost of cement if we import it, and the cost they are giving us here,” said Umahi.

In response to the threat of a possible import policy , Rabiu said that his company would reduce the ex-factory price of BUA Cement.

” The idea of increasing production capacity is to see how we can be able drop prices on our part to support the government’s efforts because importation will not be the best solution,” he said at the 7th Annual General Meeting of Bua Cement which was held in Abuja, yesterday.

So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,

He said that the company intends to achieve its target by improving the production capacity of its cement-producing plants.

“By the end of the year, we intend to have two more production lines on stream which will boost our production capacity by at least 40 per cent to 70 million tons.
“The average price of cement in Nigeria is N4,500 which translates into N90,000 per ton or $100.

So if the government threatens to start importing cement, it will even cost them more because the forex is now high and when you bring it through the ports, you must pay taxes, trucking and other levies which will add to the price,” he noted.

Business

Naira Exchange Rates Friday, August 14

Published

2 days ago

August 14, 2026

OCHEFA

32 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN Exchange Rates

US DOLLAR (USD) ₦1,357. 65

GREAT BRITISH POUND (GBP) ₦1,834.04

EURO (EUR) ₦1,567.00

SWISS FRANC (CHF) ₦1,671. 98

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦201. 34

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02

SAUDI RIYAL (SAR) ₦361.62

SOUTH AFRICAN RAND (ZAR) ₦84.23

Business

Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

Published

3 days ago

August 13, 2026

OCHEFA

48 Views

All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.

The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.

Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.

Business

Nigeria’s oil production dropped by 4% in July – NUPRC

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”

Published

3 days ago

August 13, 2026

OCHEFA

49 Views

The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.

According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.

The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.

“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”